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One of Europe's cheapest holiday destinations to enter the Eurozone next year – here's what it means for your trip
A NEW country is set to join the eurozone next year - and it might not be good new for Brits.
The European Commission has given Bulgaria the green light to join the eurozone next year.
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Bulgaria joined the European Union back in 2007 and it will become the 21st country to adopt the euro on January 1, 2026.
This means Brits will eventually have to use up any of their old currency, which is the Bulgarian lev.
However, once the euro is in place in Bulgaria - it will be easier for Brits to use up leftover change from a previous trips to other euro-accepting countries.
According to Eamonn Turley, a financial specialist at Multi Quote Time: "Currently, Brits travelling to Bulgaria are required to exchange their pounds sterling for Bulgarian levs, which typically involves fees and exchange rates that can add uncertainty and cost to their holiday plans.
"Once Bulgaria adopts the euro, British travellers will have the convenience of spending the same currency that they would if they were travelling to most other popular European destinations like Spain, France, or Italy.
"The majority of Britons spend debit or credit cards when abroad, and with the euro, there is less foreign transaction fees or dynamic currency conversion fees, which can be hidden and bring added cost."
Currently for each pound Brits can get 2.32 levs, but each pound will give Brits €1.19 - meaning that Brits get more levs for their money than euros.
Eamonn also explained how Bulgaria has traditionally had a lower living standard that other Western European countries.
This means that tourists have often flocked there for the country's cheap holidays.
"When other Eastern European countries like Estonia and Lithuania joined the Eurozone, there was a bit of price inflation that came with the stronger currency and greater economic integration," added Eamonn.
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"Britons may find that while currency exchange hassles disappear, the prices of meals, hotels, and services may gradually rise."
However, there are also positives to the news as he says that stronger economic stability can lead to "improved transport links, more quality hotels, and improved tourist facilities, making Bulgaria an even more competitive holiday destination".
He finished by saying: "From my financial perspective, this integration within the eurozone will render Bulgaria a more desirable destination for British tourists wanting convenience and safety with their spending, with perhaps the medium to long-term gain of enhanced tourism service and infrastructure."
However, many Bulgarians remain skeptical and fear a rise in prices during the switch - which has happened in other countries that joined over the past decade.
Croatia adopted the euro on January 1, 2023, becoming the 20th member state of the eurozone.
The country was considered relatively cheap but has become more expensive over the past two decades.
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According to a European Central Bank blog: "the impact of the euro changeover on consumer prices in Croatia has so far been relatively small".
It added: "Continued monitoring is essential.
"Croatia's experience is an important lesson for other EU Member States adopting the euro, as it confirms that the economic costs arising from the effect of the changeover on inflation are limited and of a one-off nature."
The same could be seen with Bulgaria's transition.
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